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2008-07-31 12:03:02 CEST 2008-07-31 12:04:03 CEST REGULATED INFORMATION Finnlines - Interim report (Q1 and Q3)Finnlines Plc INTERIM REPORT 1 JANUARY - 30 June 2008 (unaudited)Finnlines Plc Stock Exchange Release 31 July, 2008 INTERIM REPORT 1 JANUARY - 30 June 2008 (unaudited) The Finnlines Group recorded revenue totalling EUR 384.0 (328.9)million. Operating profit was EUR 31.5 (30.5) million. Profit before taxes was EUR 16.2 (18.6) million. Return on equity (ROE) was 6.1 (7.0) % and return on investment (ROI) was 5.5 (6.4) %. Market development The Finnish sea imports of unitized goods grew 8 % during January-May while export volumes stayed approximately at the same level in comparison with the corresponding period of previous year (measured in tons). This development widens the import-export gap of unitized goods. The trailer and lorry volumes transported by sea between the Southern Sweden and Germany continued to develop favourably and grew almost 6% compared to previous year. The passenger traffic between Finland and Germany decreased by almost 5 % and increased over 1 % between Finland and Sweden. Bunker prices have increased substantially during 2008. The price for the Rotterdam LS180 used as a reference has increased 44 % between January-June 2008 (quoted in USD). Group structure Finnlines is one of the largest European shipping companies specialised in liner cargo services. The Group's operations are centred on sea transports in the Baltic Sea and North Sea areas and on providing port services in Finland and Norway. Through its subsidiaries and associated companies, the Group has operations in eight northern European countries and in Russia. The Group's services are also offered throughout Europe via an extensive network of agents. There were no significant changes in the Group structure during the reporting period. Significant events during the reporting period Fleet According to Finnlines' strategy, the target is to own a bigger part of the fleet in order to reduce the dependence on time-chartered vessels. In April, Finnlines bought MS Finnmill and MS Finnpulp and two other vessels, MS Finnkraft and MS Finnhawk, which all were under time charter to Finnlines traffic, at the total amount of EUR 121 million. This deal settled the litigation process relating to the purchase options of Finnpulp and Finnmill. In Finnlines ownership Finnkraft and Finnhawk are plying under the Finnish flag and Finnmill and Finnpulp under the Swedish flag. By this transaction together with the investment programme launched in 2007 Finnlines will own about half of the roro fleet in its services besides all 15 ropax vessels Traffic The operations at the terminals of Lübecker Hafengesellschaft (LHG) in Lübeck harbours suffered from actions of the stevedoring workers' union during the first quarter of the year. The union protested against the planned privatisation of LHG. The cargo volumes transported during the first half of the year totalled approximately 429,000 (387,000 in 2007) units (lorries, trailers), 61,000 (49,000) cars (not including cars of the passengers) and, in addition, 1,526,000(1,303,000) tonnes of freight not possible to measure by the unit. In addition, some 294,000 (224,000) passengers (including freight-related passengers) were transported in 2008. Financial performance The Finnlines Group recorded revenue from the continuing operations totalling EUR 384,0 (328,9 in 2007) million. Shipping and Sea Transport Services generated revenue amounting to EUR 333,4 (278,9) million and Port Operations EUR 65,9 (66,9) million. Other income from operations amounted to EUR 1,1 (0,9) million. The expenses were mostly affected by the fuel oil price increases. Operating profit from the continuing operations was EUR 31,5 (30,5) million. The port operations in Oslo (Norsteve) was moved to a new location resulting in losses of revenue and one-time expenses for the Port Operations segment. Financial income was EUR 3,2(2,7) million and financial expenses totalled EUR -18,5 (-14,6) million. Profit before taxes from the continuing operations was EUR 16,2 (18,6) million. Return on equity (ROE) was 6,1 (7,0) % and return on investment (ROI) was 5,5 (6,4) %. Investments and financing The Group's investments were EUR 147,9 (209,9) million, consisting mainly of the payments for the purchased four roro vessels and of investments in Vuosaari harbour. Interest-bearing net debt amounted to EUR 843,4 (622,5) million. The next payment for Jingling newbuilding project, USD 65 million, is due in August 2008. At the end of June, 44% of the loans were floating rate and the rest were fixed rate loans. The duration (average interest rate period) of the debt portfolio was approx. 63 months. On 30 June 2008 the granted but non-utilised credit facilities totalled EUR 234 million. The equity ratio calculated from the balance sheet was 29,2 (33,4) %. Gearing was 189,1 (147,7) %. Personnel The Group employed an average of 2,388 (2,286) people during the period, consisting of 1,469 (1,464) employees on shore and 919 (822) persons at sea. The Finnlines share The Company's registered share capital on 30 June 2008 was EUR 81,383,916 divided into 40,691,958 shares. A total of 5,5 (6,7) million Finnlines shares were traded on the OMX Helsinki Exchanges during the period. The market capitalisation of the Company's stock at the end of June was EUR 553,4 (638,9) million. Earnings per share (EPS) during the period were EUR 0,33 (0,36). Shareholders' equity per share was EUR 10,92 (10,30). Risks In addition to the earlier published investment programme Finnlines purchased in April four roro vessels at the price of EUR 121 million. The deal was financed with long-term debts. The company has invested and will invest during 2003-2011 over one billion euros in the renewal of the fleet and ports. Due to the investment programme the net interest-bearing debt has increased and will continue to increase. This also has a negative effect on the consolidated equity ratio. Otherwise there are no material changes in the risks disclosed in the notes to the financial statements 2007. Litigation The arbitration proceedings commenced last year between the owners of MS Finnmill and MS Finnpulp and Finnlines Plc was withdrawn in April when closing the deal of these vessels. The main dispute concerned the validity and terms of the purchase options of the vessels. The Annual General Meeting The Board of Directors of Finnlines Plc proposed to the AGM held on 15 April 2008 that no dividend be paid out from the fiscal year 2007 due to the sizeable investment in the five vessels already in operation and the commitments of the vessel renewal programme as well as to the investments in the Vuosaari harbour. The minority shareholders (more than 10% of the shares) used their rights to require the postponement of the handling of the closing of the books and the discharge of the Board to a continued meeting. The meeting also decided to postpone the Board of Directors' proposal for authorization to increase the share capital to the same meeting. The AGM decided that the company's Board of Directors has seven members. Mr. Emanuele Grimaldi, Mr. Gianluca Grimaldi, Mr. Diego Pacella, Mr. Heikki Laine, Mr. Antti Pankakoski, Mr. Olav K. Rakkenes and Mr. Jon-Aksel Torgersen were unanimously re-elected. Finnlines' Board of Directors elected Mr. Jon-Aksel Torgersen as Chairman and Mr. Diego Pacella as Vice Chairman of the Board. The firm of authorised public accountants Deloitte & Touche Oy was appointed as the company's auditors, with Mikael Leskinen, APA, as the principally responsible auditor. The Continued Annual General Meeting was held on 20 May, 2008. In his speech during the Meeting, Christer Antson, President and CEO, explained that Group contribution has been given, like in previous years, to Finnlines' 100% owned ship-owning companies, which have invested in new vessels or converted older vessels. The Continued AGM approved, after voting, the financial statements and discharged the company's officers from liability for the financial year 2007. Ilmarinen Mutual Pension Insurance Company informed that it will apply for a special audit in the company. The Meeting decided, after voting, that the minimum dividend required by the minority (more than 10% of shares) will be paid. The total amount of dividend paid is EUR 180,216.40 ie. EUR 0.00443 per share. The dividend record date was 23 April 2008 and the dividend payment date was 30 April 2008. The Board of Directors was, after voting, authorized to resolve on the issuance of shares. The company may, on the basis of the authorization, issue new shares in one or several instalments, so that the aggregate maximum number of new shares will be 10,000,000 shares. The authorization includes the right for direct issue of shares, in deviation from the shareholders' pre-emptive subscription right on the terms and conditions prescribed by law. The authorization is valid until the next Annual General Meeting. Events after reporting period On 26 June 2008, Finnlines Plc received a request for a statement of reply from the County Administrative Board of South-Finland to the application made by Mutual Pension Insurance Company Ilmarinen on executing special audit of accounts. The application letter of Ilmarinen, addressed to the County Administrative Board is dated June 19, 2008. In the application letter Ilmarinen demands that the County Administrative Board orders the special audit to be executed in Finnlines Plc's administration and accounting between 1.1. - 31.12.2007 as it is prescribed in The Companies Act (21.7.2006/624) 7:7 §. Finnlines Plc will submit its reply by given time limit September 15, 2008. Outlook for 2008 The new Vuosaari harbour will most probably be operational as planned at the end of 2008. There will be some none-recurring expenses arising from the start-up phase of the new harbour. Those expenses are related mainly to transportation and re-location of the machinery, equipment and personnel and to closure of the current premises. The economic development in Europe creates uncertainty for the business environment. The expenses of the company are heavily affected by the bunker oil price and the new labour agreements in the sector. Owing to those reasons Finnlines' whole year operating profit may fall behind the comparable figure in previous year. Due to the investments in the new vessels, vessel conversions and Vuosaari harbour, there will be a substantial increase in the depreciation and interest expenses compared to 2007. The next interim report for 1 January - 30 September, 2008 will be published on 28 October, 2008. Finnlines Plc The Board of Directors ENCLOSURES Profit and loss account Balance sheet Changes in shareholders equity Cash flow statement Revenue and operating result by business segments Property, plant and equipment Financial indicators Contingencies and commitments Revenue and operating profit by quarter DISTRIBUTION Helsinki Exchanges Main media All figures unaudited -------------------------------------------------------------------------------- | CONSOLIDATED PROFIT AND LOSS | | | | | | ACCOUNT | | | | | -------------------------------------------------------------------------------- | 1,000 EUR | 4-6/08 | 4-6/07 | 1-6/08 | 1-6/07 | 1-12/07 | -------------------------------------------------------------------------------- | Continuing Operations | | | | | | -------------------------------------------------------------------------------- | Revenue | 198,977 | 171,442 | 384,049 | 328,885 | 685,464 | -------------------------------------------------------------------------------- | Other income from | 544 | 320 | 1,140 | 909 | 15,320 | | operations | | | | | | -------------------------------------------------------------------------------- | Materials and services | -68,427 | -48,267 | -131,394 | -90,883 | -205,904 | -------------------------------------------------------------------------------- | Personnel expenses | -31,707 | -29,328 | -60,042 | -58,083 | -116,648 | -------------------------------------------------------------------------------- | Depreciation, | -14,865 | -13,395 | -28,816 | -25,012 | -53,081 | | amortisation and | | | | | | | other write-offs | | | | | | -------------------------------------------------------------------------------- | Other operating | -67,034 | -63,824 | -133,406 | -125,363 | -256,334 | | expenses | | | | | | -------------------------------------------------------------------------------- | Total operating | -182,03 | -154,81 | -353,658 | -299,340 | -631,968 | | expenses | 3 | 3 | | | | -------------------------------------------------------------------------------- | Operating profit | 17,488 | 16,948 | 31,531 | 30,453 | 68,816 | -------------------------------------------------------------------------------- | Financial income | 2,090 | 536 | 3,184 | 2,743 | 5,258 | -------------------------------------------------------------------------------- | Financial expenses | -8,900 | -7,207 | -18,495 | -14,592 | -33,956 | -------------------------------------------------------------------------------- | Profit before taxes | 10,679 | 10,277 | 16,219 | 18,605 | 40,118 | -------------------------------------------------------------------------------- | Income taxes *) | -1,816 | -2,158 | -2,757 | -3,907 | -5,725 | -------------------------------------------------------------------------------- | Profit for the | 8,863 | 8,119 | 13,462 | 14,698 | 34,393 | | reporting period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution: | | | | | | -------------------------------------------------------------------------------- | Parent company | 8,683 | 7,960 | 13,234 | 14,518 | 33,900 | | shareholders | | | | | | -------------------------------------------------------------------------------- | Minority interest | 180 | 159 | 228 | 180 | 493 | -------------------------------------------------------------------------------- | | 8,863 | 8,119 | 13,462 | 14,698 | 34,393 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to parent company shareholders | | | -------------------------------------------------------------------------------- | calculated as earnings per share | | | | | (EUR/share) | | | | -------------------------------------------------------------------------------- | Undiluted earnings per | 0.21 | 0.20 | 0.33 | 0.36 | 0.83 | | share | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.21 | 0.20 | 0.33 | 0.36 | 0,83 | | share | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- *)Taxes have been estimated based on the profit for the reporting period. -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, IFRS | | | | -------------------------------------------------------------------------------- | 1,000 EUR | 30/6/08 | 30/6/07 | 31/12/07 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 1,259,526 | 1,002,614 | 1,139,576 | -------------------------------------------------------------------------------- | Goodwill | 108,660 | 108,660 | 108,660 | -------------------------------------------------------------------------------- | Other intangible assets | 8,945 | 10,248 | 9,899 | -------------------------------------------------------------------------------- | Investment properties | 1,582 | 1,586 | 1,584 | -------------------------------------------------------------------------------- | Share of associated companies | 1,526 | 1,526 | 1,526 | -------------------------------------------------------------------------------- | Other financial assets | 4,797 | 4,892 | 4,797 | -------------------------------------------------------------------------------- | Receivables | 3,560 | 7,938 | 9,173 | -------------------------------------------------------------------------------- | Deferred tax assets | 2,961 | 614 | 2,051 | -------------------------------------------------------------------------------- | | 1,391,557 | 1,138,079 | 1,277,265 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 9,086 | 6,646 | 6,908 | -------------------------------------------------------------------------------- | Accounts receivable and other | 106,665 | 98,566 | 91,191 | | receivables | | | | -------------------------------------------------------------------------------- | Income tax receivables | 26 | 531 | 63 | -------------------------------------------------------------------------------- | Bank and cash | 19,520 | 17,543 | 26,913 | -------------------------------------------------------------------------------- | | 135,297 | 123,286 | 125,075 | -------------------------------------------------------------------------------- | Total assets | 1,526,854 | 1,261,364 | 1,402,340 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDER'S EQUITY | | | | -------------------------------------------------------------------------------- | Equity attributable to parent company shareholders | -------------------------------------------------------------------------------- | Share capital | 81,384 | 81,384 | 81,384 | -------------------------------------------------------------------------------- | Share premium account | 24,525 | 24,525 | 24,525 | -------------------------------------------------------------------------------- | Fair value reserves | -7,543 | | -4,544 | -------------------------------------------------------------------------------- | Translation differences | 227 | 45 | 152 | -------------------------------------------------------------------------------- | Retained earnings | 345,654 | 313,218 | 332,601 | -------------------------------------------------------------------------------- | | 444,247 | 419,172 | 434,118 | -------------------------------------------------------------------------------- | Minority interest | 1,762 | 2,211 | 1,534 | -------------------------------------------------------------------------------- | Total shareholders' equity | 446,009 | 421,383 | 435,652 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 105,939 | 98,745 | 103,910 | -------------------------------------------------------------------------------- | Interest free liabilities | 2,383 | | 1,314 | -------------------------------------------------------------------------------- | Pension liabilities | 2,443 | 2,497 | 2,358 | -------------------------------------------------------------------------------- | Provisions | 2,282 | 3,657 | 2,284 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 742,200 | 539,139 | 593,817 | -------------------------------------------------------------------------------- | | 855,247 | 644,038 | 703,682 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Accounts payable and other | 104,958 | 91,366 | 99,459 | | liabilities | | | | -------------------------------------------------------------------------------- | Income tax liabilities | 232 | 3,266 | 491 | -------------------------------------------------------------------------------- | Provisions | 1,169 | 411 | 672 | -------------------------------------------------------------------------------- | Current interest-bearing | 119,239 | 100,900 | 162,384 | | liabilities | | | | -------------------------------------------------------------------------------- | | 225,598 | 195,943 | 263,006 | -------------------------------------------------------------------------------- | Total liabilities | 1,080,845 | 839,981 | 966,688 | -------------------------------------------------------------------------------- | Total shareholders' equity and | 1,526,854 | 1,261,364 | 1,402,340 | | liabilities | | | | -------------------------------------------------------------------------------- Changes in Consolidated Shareholders' Equity -------------------------------------------------------------------------------- | 1,000 EUR | Share | Share issue | Fair value | Trans- | | | capital | premium | reserves | lation | | | | | | diffe- | | | | | | rences | -------------------------------------------------------------------------------- | Shareholders´ | 81,384 | 24,525 | 0 | 28 | | equity 1.1.2007 | | | | | -------------------------------------------------------------------------------- | Translation | | | | 16 | | differences | | | | | -------------------------------------------------------------------------------- | Profit for | | | | | | reporting period | | | | | -------------------------------------------------------------------------------- | Total recognised | | | | 16 | | income for the | | | | | | period | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -------------------------------------------------------------------------------- | Shareholders´ | 81,384 | 24,525 | 0 | 45 | | equity 30.6.2007 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1,000 EUR | Retained | Total | Minority | Total | | | earnings | | interest | equity | -------------------------------------------------------------------------------- | Shareholders´ | 315,791 | 421,728 | 2,028 | 423,757 | | equity | | | | | | 1.1.2007 | | | | | -------------------------------------------------------------------------------- | Translation | | 16 | 3 | 19 | | differences | | | | | -------------------------------------------------------------------------------- | Profit for | 14,518 | 14,518 | 180 | 14,698 | | reporting period | | | | | -------------------------------------------------------------------------------- | Total | 14,518 | 14,534 | 183 | 14,717 | | recognised | | | | | | income for | | | | | | the period | | | | | -------------------------------------------------------------------------------- | Dividend | -17,091 | -17,091 | | -17,091 | -------------------------------------------------------------------------------- | | -17,091 | -17,091 | 0 | -17,091 | -------------------------------------------------------------------------------- | Shareholders´ | 313,218 | 419,172 | 2,211 | 421,383 | | equity | | | | | | 30.6.2007 | | | | | -------------------------------------------------------------------------------- Changes in Consolidated Shareholders' Equity -------------------------------------------------------------------------------- | 1,000 EUR | Share | Share issue | Fair value | Trans- | | | capital | premium | reserves | lation | | | | | | diffe- | | | | | | rences | -------------------------------------------------------------------------------- | Shareholders´ | 81,384 | 24,525 | -4,544 | 152 | | equity 1.1.2008 | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | | | -2,999 | | -------------------------------------------------------------------------------- | Translation | | | | 74 | | differences | | | | | -------------------------------------------------------------------------------- | Profit for | | | | | | reporting period | | | | | -------------------------------------------------------------------------------- | Total recognised | | | -2,999 | 74 | | income for the | | | | | | period | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders´ | 81,384 | 24,525 | -7,543 | 227 | | equity 30.6.2008 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1,000 EUR | Retained | Total | Minority | Total | | | earnings | | interest | equity | -------------------------------------------------------------------------------- | Shareholders´ | 332,601 | 434,118 | 1,534 | 435,652 | | equity | | | | | | 1.1.2008 | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | | -2,999 | | -2,999 | -------------------------------------------------------------------------------- | Translation | | 74 | | 74 | | differences | | | | | -------------------------------------------------------------------------------- | Profit for | 13,234 | 10,309 | 228 | 10,537 | | reporting period | | | | | -------------------------------------------------------------------------------- | Total | 13,234 | 10,309 | 228 | 10,537 | | recognised | | | | | | income for | | | | | | the period | | | | | -------------------------------------------------------------------------------- | Dividend | -180 | -180 | 0 | -180 | -------------------------------------------------------------------------------- | | -180 | -180 | 0 | -180 | -------------------------------------------------------------------------------- | Shareholders´ | 345,655 | 444,247 | 1,762 | 446,009 | | equity | | | | | | 30.6.2008 | | | | | -------------------------------------------------------------------------------- Consolidated Cash Flow Statement -------------------------------------------------------------------------------- | 1,000 EUR | 1-6/08 | 1-6/07 | 1-12/07 | -------------------------------------------------------------------------------- | Cash flow from operations: | | | | -------------------------------------------------------------------------------- | Profit for reporting period | 13,462 | 14,698 | 34,393 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | Non-cash transactions | 28,287 | 25,473 | 39,561 | -------------------------------------------------------------------------------- | Interest expense and other | 15,311 | 11,849 | 28,937 | | financial expenses | | | |-------------------------------------------------------------------------------- | Taxes | 2,757 | 3,907 | 5,725 | -------------------------------------------------------------------------------- | Changes in working capital: | | | | -------------------------------------------------------------------------------- | Change in accounts | -12,902 | -6,979 | 66 | | receivable and other | | | | | receivables | | | | -------------------------------------------------------------------------------- | Change in current assets | -2,178 | -1,234 | -1,496 | -------------------------------------------------------------------------------- | Change in accounts payable | -3,259 | 5,804 | 11,766 | | and other liabilities | | | | -------------------------------------------------------------------------------- | Change in provisions | 580 | 107 | 197 | -------------------------------------------------------------------------------- | Interest paid | -10,346 | -4,649 | -20,988 | -------------------------------------------------------------------------------- | Interest received | 572 | 695 | 1,397 | -------------------------------------------------------------------------------- | Taxes | -827 | -812 | -1,087 | -------------------------------------------------------------------------------- | Other financing items | -1,122 | -1,150 | -3,948 | -------------------------------------------------------------------------------- | Net cash flow from operations | 30,335 | 47,708 | 94,524 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities: | | | -------------------------------------------------------------------------------- | Investments in tangible and | -147,927 | -210,665 | -392,780 | | intangible assets | | | | -------------------------------------------------------------------------------- | Sale of tangible assets | 610 | 325 | 30,819 | -------------------------------------------------------------------------------- | Disposal of associated companies | | | 200 | -------------------------------------------------------------------------------- | Proceed sale of investment | | | 243 | -------------------------------------------------------------------------------- | Reduction in share capital, | | | -598 | | minority interest | | | | -------------------------------------------------------------------------------- | Dividends received | 6 | 2 | 16 | -------------------------------------------------------------------------------- | Net cash flow from investing | -147,311 | -210,338 | -362,099 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities: | | | -------------------------------------------------------------------------------- | Borrowing | 189,000 | 229,920 | 309,307 | -------------------------------------------------------------------------------- | Net change in current | -30,169 | 22,658 | 79,907 | | interest-bearing liabilities | | | | -------------------------------------------------------------------------------- | Repayment of loans | -49,409 | -74,128 | -96,440 | -------------------------------------------------------------------------------- | Increase / decrease of long-term | 343 | 372 | 770 | | receivables | | | | -------------------------------------------------------------------------------- | Dividends paid | -180 | -17,091 | -17,843 | -------------------------------------------------------------------------------- | Net cash flow from financing | 109,585 | 161,731 | 276,062 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -7,391 | -899 | 8,487 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 26,913 | 18,436 | 18,436 | | on 1 January | | | | -------------------------------------------------------------------------------- | Effect of foreign exchange rate | -2 | 6 | 10 | | changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents on June | 19,520 | 17,543 | 26,913 | | 30 / December 31 | | | | -------------------------------------------------------------------------------- REVENUE AND OPERATING RESULT BY BUSINESS SEGMENTS (PRIMARY SEGMENT) -------------------------------------------------------------------------------- | 1,000 EUR | 1-6/08 | % | 1-6/07 | % | 1-12/07 | % | -------------------------------------------------------------------------------- | Sales | | | | | | | -------------------------------------------------------------------------------- | Shipping and sea | 333,391 | 86.8 | 278,897 | 84.8 | 585,067 | 85.3 | | transport | | | | | | | -------------------------------------------------------------------------------- | Port operations | 65,901 | 17.2 | 66,876 | 20.3 | 133,155 | 19.4 | -------------------------------------------------------------------------------- | Eliminations | -15,243 | -4.0 | -16,888 | -5.1 | -32,758 | -4.8 | | (intragroup) | | | | | | | -------------------------------------------------------------------------------- | External sales | 384,049 | 100.0 | 328,885 | 100.0 | 685,464 | 100.0 | -------------------------------------------------------------------------------- | Operating profit | | | | | | | -------------------------------------------------------------------------------- | Shipping and sea | 30,287 | | 25,955 | | 61,653 | | | transport | | | | | | | -------------------------------------------------------------------------------- | Port operations | 1,244 | | 4,497 | | 7,163 | | -------------------------------------------------------------------------------- | Operating profit | 31,531 | | 30,453 | | 68,816 | | | total | | | | | | | -------------------------------------------------------------------------------- | Financial items | -15,312 | | -11,848 | | -28,698 | | -------------------------------------------------------------------------------- | Profit | 16,219 | | 18,605 | | 40,118 | | | before taxes | | | | | | | -------------------------------------------------------------------------------- | Income taxes | -2,757 | | -3,907 | | -5,725 | | -------------------------------------------------------------------------------- | Profit for | 13,462 | | 14,698 | | 34,393 | | | reporting period | | | | | | | | continuing | | | | | | | | operations | | | | | | | -------------------------------------------------------------------------------- PROPERTY, PLANT AND EQUIPMENT -------------------------------------------------------------------------------- | 1,000 EUR | 30/6/08 | 30/6/07 | 31/12/07 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Historical cost at the | 1,410,479 | 1,084,491 | 1,084,491 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Translation differences | -141 | 96 | -8 | -------------------------------------------------------------------------------- | Additions | 147,837 | 208,910 | 389,559 | -------------------------------------------------------------------------------- | Disposals | -3,594 | -856 | -63,598 | -------------------------------------------------------------------------------- | Reclassifications | | | 19 | -------------------------------------------------------------------------------- | Historical cost at the end of | 1,554,581 | 1,292,641 | 1,410,479 | | the period | | | | -------------------------------------------------------------------------------- | Accumulated depreciation at | -269,319 | -264,926 | -264,926 | | the beginning of the period | | | | -------------------------------------------------------------------------------- | Translation differences | 109 | -66 | 11 | -------------------------------------------------------------------------------- | Cumulative depreciation on | 3,513 | 692 | 46,694 | | reclassifications and | | | | | disposals | | | | -------------------------------------------------------------------------------- | Depreciations | -27,776 | -24,142 | -51,098 | -------------------------------------------------------------------------------- | Accumulated depreciations at | -293,473 | -288,442 | -269,319 | | the end of the period | | | | -------------------------------------------------------------------------------- | Book value | 1,261,108 | 1,004,199 | 1,141,160 | -------------------------------------------------------------------------------- FINANCIAL INDICATORS -------------------------------------------------------------------------------- | | 1-6/08 | 1-6/07 | 1-12/07 | -------------------------------------------------------------------------------- | Operating profit as % of | 8.2 | 9.3 | 10.0 | | revenue (continuing | | | | | operations) | | | | -------------------------------------------------------------------------------- | ROE, % | 6.1 | 7.0 | 8.0 | -------------------------------------------------------------------------------- | ROI, % | 5.5 | 6.4 | 6.9 | -------------------------------------------------------------------------------- | Gearing, % | 189.1 | 147.7 | 167.4 | -------------------------------------------------------------------------------- | Gross capital | 147.9 | 209.8 | 391.3 | | expenditure, MEUR | | | | -------------------------------------------------------------------------------- | % of revenue | 38.5 | 63.8 | 57.1 | -------------------------------------------------------------------------------- | Equity ratio, % | 29.2 | 33.4 | 31.1 | -------------------------------------------------------------------------------- | Shareholders' equity/ | 10.92 | 10.30 | 10.67 | | share, EUR | | | | -------------------------------------------------------------------------------- | Number of shares during | 40,692 | 40,692 | 40,692 | | period, average (1000) | | | | -------------------------------------------------------------------------------- | Number of shares at | 40,692 | 40,692 | 40,692 | | end of period (1000) | | | | -------------------------------------------------------------------------------- | Market capitalisation, | 553.4 | 638.9 | 620.6 | | EUR million | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel (continuing | | | | | operations) | | | | -------------------------------------------------------------------------------- | Shore-based personnel | 1,469 | 1,464 | 1,470 | -------------------------------------------------------------------------------- | Sea-borne personnel | 919 | 822 | 865 | -------------------------------------------------------------------------------- | Personnel total | 2,388 | 2,286 | 2,335 | -------------------------------------------------------------------------------- Financial ratios have been calculated according to the same principles as in financial statements 2007. -------------------------------------------------------------------------------- | CONTINGENCIES AND COMMITMENTS | 30/6/08 | 30/6/07 | 31/12/07 | -------------------------------------------------------------------------------- | 1,000 EUR | | | | -------------------------------------------------------------------------------- | Vessel hires (continuing | | | | | operations): | | | | -------------------------------------------------------------------------------- | Within 12 months | 64,125 | 77,768 | 89,899 | -------------------------------------------------------------------------------- | Between one and five years | 80,428 | 71,407 | 51,614 | -------------------------------------------------------------------------------- | After five years | 0 | 0 | 0 | -------------------------------------------------------------------------------- | | 144,553 | 149,175 | 141,513 | -------------------------------------------------------------------------------- | Other leases (continuing | | | | | operations): | | | | -------------------------------------------------------------------------------- | Within 12 months | 6,219 | 5,536 | 5,673 | -------------------------------------------------------------------------------- | Between one and five years | 20,732 | 11,918 | 21,537 | -------------------------------------------------------------------------------- | After five years | 40,256 | 8,942 | 42,689 | -------------------------------------------------------------------------------- | | 67,207 | 26,396 | 69,899 | -------------------------------------------------------------------------------- Collateral given: Borrowings secured by given mortgages -------------------------------------------------------------------------------- | Loans from financial | 630,320 | 384,095 | 531,461 | | institutions | | | | -------------------------------------------------------------------------------- | Vessel mortgages provided as | 843,500 | 536,000 | 723,500 | | guarantees for the above loans | | | | -------------------------------------------------------------------------------- Other guarantees given on behalf of the Group: -------------------------------------------------------------------------------- | Collateral | 1,675 | 2,518 | 2,517 | -------------------------------------------------------------------------------- | Mortgages | 606 | 606 | 606 | -------------------------------------------------------------------------------- Other guarantees given on behalf of the others: -------------------------------------------------------------------------------- | Collateral | 0 | 1,027 | 1,200 | -------------------------------------------------------------------------------- | Mortgages | 0 | 431 | | -------------------------------------------------------------------------------- Other commitments given by group on behalf of subsidiaries: -------------------------------------------------------------------------------- | Commitments | 6,000 | 6,000 | 6,000 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Obligations for capital | 182,012 | 137,431 | 197,137 | | expenditure | | | | -------------------------------------------------------------------------------- | Other obligations | 89 | 112 | 101 | -------------------------------------------------------------------------------- Open derivative instruments: -------------------------------------------------------------------------------- | 1,000 EUR | 30/6/0 | 30/6/0 | 31/12/07 | 30/6/08 | 30/6/07 | 31/12/07 | | | 8 | 7 | | | | | -------------------------------------------------------------------------------- | | Fair value | Contract amount | -------------------------------------------------------------------------------- | Currency | -7,558 | 18 | -3,845 | 59,883 | 20,733 | 64,126 | | forwards | | | | | | | -------------------------------------------------------------------------------- | Interest rate | 1,484 | | -327 | 120,000 | | 120,000 | | swaps | | | | | | | -------------------------------------------------------------------------------- Contingent liabilities Finnsteve's Leasehold Agreement: When the new Vuosaari harbour is operational Finnsteve Oy will transfer its port operations from Helsinki's West Harbour and North Harbour to Vuosaari. Finnsteve and the Port of Helsinki have made a leasehold agreement, which obliges the leaseholder to dismantle and remove any buildings, plants and equipment (including foundations) located in the area. The extent of the liabilities arising from this depends on future town planning and is therefore difficult to estimate. REVENUE AND OPERATING RESULT BY QUARTER -------------------------------------------------------------------------------- | MEUR | Q1/08 | Q1/07 | Q2/08 | Q2/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing Operations | | | | | -------------------------------------------------------------------------------- | Shipping and sea | 160,0 | 132,5 | 173,4 | 146,4 | | transport | | | | | -------------------------------------------------------------------------------- | Port operations | 32,4 | 33,3 | 33,5 | 33,5 | -------------------------------------------------------------------------------- | Eliminations (intragroup) | -7,3 | -8,4 | -7,9 | -8,5 | -------------------------------------------------------------------------------- | External sales | 185,1 | 157,4 | 199,0 | 171,4 | -------------------------------------------------------------------------------- | Operating profit | | | | | -------------------------------------------------------------------------------- | Shipping and sea | 12,7 | 11,0 | 17,5 | 14,9 | | transport | | | | | -------------------------------------------------------------------------------- | Port operations | 1,3 | 2,5 | 0,0 | 2,0 | -------------------------------------------------------------------------------- | Operating profit total | 14,0 | 13,5 | 17,5 | 16,9 | -------------------------------------------------------------------------------- | Financial items | -8,5 | -5,2 | -6,8 | -6,7 | -------------------------------------------------------------------------------- | Profit | 5,5 | 8,3 | 10,7 | 10,2 | | before taxes | | | | | -------------------------------------------------------------------------------- | Income taxes | -1,0 | -1,7 | -1,8 | -2,2 | -------------------------------------------------------------------------------- | Profit for the reporting | 4,6 | 6,6 | 8,9 | 8,1 | | period,Continuing | | | | | | Operations | | | | | -------------------------------------------------------------------------------- | Profit for the reporting | 4,6 | 6,6 | 8,9 | 8,1 | | period | | | | | -------------------------------------------------------------------------------- | EPS (undiluted) | 0.11 | 0.16 | 0.22 | 0.20 | -------------------------------------------------------------------------------- | EPS (diluted) | 0.11 | 0.16 | 0.22 | 0.20 | -------------------------------------------------------------------------------- Related Party Transactions There were no material related party transactions during the reporting period. Reporting The interim report includes a summary of the financial statements for the period in accordance with the IAS 34. The accounting principles are the same as in the financial statements of 2007. This interim report is unaudited. |
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